| FINRA.org Skip to main content

2021071226901 Brown Associates, Inc. CRD 5049 AWC ks.pdf

From April 2021 through at least May 2025, Brown Associates failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the firm’s obligations to conduct reasonable due diligence on private placement offerings sold by the firm to retail customers. During the same period, Brown Associates failed to identify and reasonably respond to material discrepancies that appeared in offering documents in several private placement offerings.